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Here's How To Finally Save Some Money Like A Proper Adult

Too spendy? Yep, January can be a hell of a time for managing your money.

For those paid by the month, the long weeks after Christmas can be super hard on the wallet, and for those who racked up a credit card debt spending big on gifts or partying over the festive season, the thought of trying to get ahead can be daunting, to say the least.

But it doesn't have to be that hard. If you're attempting to save money -- and we mean any money at all -- you may find some small changes can go a long way to getting you off on the right foot.

That's what Rod Attrill, the General Manager of Banking at comparethemarket.com.au says anyway.

But first, according to him, there is one big reason why people give up on their savings goals: reality.

"In society, it's generally accepted that you get a job, buy a house, retire at 65 and so on," he told 10 daily. "However, there are hundreds of paths that can change the way you live your life. These paths are often affected by skyrocketing house prices, easy access to credit, globalisation, and the appearance and disappearance of jobs and careers".

It's not surprising that with these daily financial pressures, people are at a loss and feel disheartened when they think about achieving their savings goals.

In other words, it can all just seem way too hard to think big picture. Especially when The Iconic has a sale.

READ MORE: Why You Need To Talk To Your Partner About Money

His rules for finally getting your money sorted?

First up, do your admin and get disciplined -- by setting up four bank accounts

"Set up low-fee accounts for your bills, then savings, a splurge account for holidays and fun, and finally an everyday account," Attrill told 10 daily.

Figure out how much should be allocated to each, then automate regular transfers from your pay cycle.

And if you get a pay rise? Make sure you update the automatic transfer limits to have the increase spread across your accounts and don't just fritter it away.

Then get proactive about reducing expenses or increasing your income

"If you're struggling to pay bills at the end of each month, or not meeting your savings goals, think about reducing your spending by cancelling memberships you're not using (such as the gym, local clubs etc), finding better deals across your bills or switching loans to lower interest rates," said Attrill.

"If you're wanting to earn more, it could be time to take advantage of the gig economy and moonlight as an Uber driver, or offering your services on Airtasker," he said.

And don't forget the credit cards

"For some of us, the danger of having a $10,000 limit on our credit card means that we automatically count that $10,000 as part of our everyday spending money. Take control by reducing the limit on your card to an amount you can pay off confidently every month," he advised.

READ MORE: The Single Biggest Enemy Of Your Money Revealed

Pay off your high-interest debts first

"Prioritise clearing high-interest debts quickly -- these are usually those credit card debts," said Attrill. And don't forget -- the interest on some debts can be reduced temporarily if you, for instance, transfer your credit card debt to a 12-month zero-interest card, or fix your mortgage interest rates.

Make it work for you.

And lastly, hide your savings

"If you're able to easily access your savings, it is difficult to have the willpower not to touch it," Rod told 10 daily. "Work out what you need to do to protect your finances so you aren’t constantly drawing down on your savings with your card or through internet banking."

If you want even more help, think about choosing a savings account that penalises you for withdrawing money -– for instance, some accounts don't pay interest within any month that you make a withdrawal.

Look, we all know there are some people who are really bad with money... but with this rule, you can really change that, according to Attrill. Regardless of your financial situation.

"Many people struggle with saving their money and usually don't have the willpower not to overspend," he said. "But by setting up multiple bank accounts, you're essentially hiding your money from yourself. It gives you permission to enjoy what’s in front of you without guilt."

Guilt-free shopping AND saving cash? We're in!

Feature Image: Warner Bros